Frances Is Interested in Whether Students at His College Would

question 48

Multiple Choice

Frances is interested in whether students at his college would like to see a portion of the campuspreserved as green space. Using student numbers, he randomly contacts 300 students and receivesa response from 75. Of those who responded, 64% favored the preservation of green space oncampus. This scenario is describing what type of sampling bias?

• A) Survey bias
• B) Nonresponse bias
• C) Measurement bias
• D) Voluntary response bias

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Definitions:

Long Run

A period in economic analysis during which all factors of production and costs are variable, allowing for full industry adjustment.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the cost per unit of output.

Break-Even Point

The point where total costs equal total revenue, meaning no profit or loss is incurred.

MC

Stands for Marginal Cost, which is the cost of producing one additional unit of a good or service.